how the fuck are graphic cards that where meant for video games

>>386740548
BANE?

>>386740548
They have more efficient processing power for mining bitcoins than CPU's do.

>>386740548
GPUs have gone from fixed-function processors in the early 2000's to massively parallel programmable devices for matrix and vector calculations. Those functions fit well for a variety if non-gaming applications.

But it still sucks that prices are up, and will stay up when miners sell their cards..

Is that a JUST haircut?
>>386740838
How do you "mine" a fake currency?

>>386740897
>How do you "mine" a fake currency?

You solve maths problems to simplify it.

Just wait till this bubble breaks and these idiots are on suicide watch.

I don't get why /v/ can't get it's head around crypto, these threads always make me feel like I'm surrounded by senile ninety year olds.

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>>386740548
>VisionTek

>>386740897
Basically. You solve complex computer problems to add new bitcoin currency to the circulation, the one who solves the problem gets the new currency. The more processing power the easier you can solve the problems. The more people solve problems the less currency is put into circulation(like the currency is halved every 200.000 problems fixed if I remember) until a total of 21 million bitcoins are in circulation.

What the actual problems are and why processing power is needed to fix them I have no clue though.

>>386740949
It's more that nobody has read up on it in the first place. Kinda hard to wrap your head around something you don't know about.

>>386741291
>What the actual problems are and why processing power is needed to fix them I have no clue though.

It's just a jumbled mess with zeroes at the end, you solve the mess until you can verify it with the zeroes at the end. There is no purpose for it, other than to be difficult to solve. There are no real world benefits off it.

>>386740548
are we all just going to ignore this guy's hair

>>386742134
he is young
despite the suit and large body

I would not be surprised if he just is wearing the suit to go to the bank get a loan for his "tech company", aka mining bitcoin

They don't mine bitcoin, that's impossible without a chinese megafarm. They mine altcoins like ETH then trade those for BTC.

>>386742134
He's an entrepreneur, he probably heard about bitcoins or rather ethreum being his golden ticket, so he dresses up "accordingly"

He's the kind of faggot that is going to be first on suicide watch when this pops, before he can pay his thousands of dollars worth of graphics cards.

it's not even the first time this has happened, 2014, they had to add that "don't kill yourself" sticky to the crypto subreddit.

>>386742439
>implying we care about what is what
all of them are bitcoins and fuck off jew nerd

>>386741528
stop talking about shit you dont understand.
the point of the difficult problems is to verify transactions.
every currency needs to verify every transaction, for standard fiat currencies like the dollar, thats usually your bank, and thats why they charge transaction fees and shit.
for cryptocurrencies, the "miners" are contributing their processing power to verify each transaction.
to ensure that no one person could "scam" the rest of the users, the problems the use to verify each transaction have to be insanely difficult
this makes it so one person couldnt solve a bunch of problems before the entire rest of the world.
to scam a cryptocurrency, youd have to consistently solve more equations than 51% of the rest of the entire world.
its not "just to be difficult" and "has no real world benefits"

>>386742858
couldnt* scam the rest of the users

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>>386740646

>>386742925
...no, I meant could, stfu

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>>386740548
look at that guy's hair holy shit

>>386742858
it's a failed secret club worthless for the real world

waste of energy

environmentalists will eventurally force the manufacturers to block mining with the gpus and I will laugh at your faces

Rich dinks sneeze that much money into bitcoin mining rigs for fun. Because they are meant to do specific kinds of calculations faster than general purpose cpus and can be connected in serial on one machine more easily, they're a ready made solution to where to get fast parts, like explosive mining instead of panning for gold.

>>386743167
I don't mine them, and I don't have any of my money invested in them, but they are relevant to the real world, and you should have some basic understanding of them.
In a world where every countries currency is dependent on a central government bank, there are definite advantages to a decentralized currency. It's pretty much impossible to scam.
First they said cryptocurrency? Thats some useless tech, surely a bitcoin will never be worth more than a dollar, a real world dollar.
Then it passed a dollar and people said it's still a fad, and only drug dealers/addicts would want them
Then they passed 10, 20, 50, 100 dollars.
Still people said it's just online pixels, I'd still prefer dollars.
They said that not realized all currency, even their dollars, are mostly dealt and traded online now, and any currency, even the dollar, is only worth the value we believe it to have, and what we are willing to trade for it.
Now a bitcoin is worth over $2500, and still people laugh at it? Clearly it has something going for it, and you're an idiot for ignoring it.

>ram price goes up
>gpu price goes up
>ssd price goes up
Till next year it's gonna be a terrible time to build a pc

why are the prices up? in any case they should be goung down, is ir because demand is greater that supply or just plain jews?

>>386742858
Fuck off retard, I was simplifying it as best I could, if you want to go into painful and frankly not useful to /v/ level of detail, go ahead, but don't call me out, because I am not in the mood for this shit. I go to /v/ to get a break from /g/.

and I meant the solution isn't some real world problem, like calculating nuclear decay like some people seem to think.

>>386743605
well, some people find oil in the ground and get rich, some people expose themselves and are worthless youtubers, and rich, yes. why this should be different?
I already have a job
why should I care about bitcoin crap? I'll not invest in it, I'll not invest in cars manufacturing or underwear manufacturing, maybe I'll invest in pumping and dumping your mother
but that's it
I will ignore it, yes

if you care so much, you should think about it, not me

I've read every single ELI5, I've googled it over and over, I've read the first paragraph of wikipedia 10000 times.
My autism STILL doesn't let me understand bitcoins, or how you can "mine" for them, or how they're worth ANYTHING, or where the real money aspect comes in.
help

>>386744126
>I will ignore it, yes

>Continues posting in a topic about it

>>386743894
>>386744228
bump these two

>>386744259
>failed attempt to deaviate the discussion
you lost
your argument was weak
you are weak
are afraid to invest in bitcoin and can't even defend the theory for yourself

loser lol

The background in it is that, for the longest time, bitcoin was solved a certain way and that way was cpu intensive. Now, with etherium mining, the Bcoin harvesting is more dependent on gpus instead of cpus, so people are buying them in huge quantities. Thats why graphics cards are going up in price. Different mining process requires different tech.

>>386742858
What happens when the cryptocurrency stops giving out new units and the "miners" stop processing transaction verifications? Who's going to verify each transaction then?

>>386744228
How does "real" money have value? It's about how high people are willing to trade that currency to another.

>>386744228
to understand how they work, see >>386742858
as for why they're worth anything, it's partly because they're impossible to scam, and dont rely on a government/bank
Let me ask you this, why is a dollar worth anything? And don't say because you can buy things with them. Why does the vendor want them? why do we all agree that these green pieces of paper are worth working 8 hours a day, every day?

>>386744461
that will certainly happen, at which point you will have to pay like a 1% fee for each transaction, which will be awarded to the miners. currently they're still injecting more currency into the marketplace, but that will end

>>386740942
i've been saying that a long time, but maybe it's more telling of all the other high end investments that a totally market-valued currency just won't quit, that a lot of the other investments are similarly unreal and now that the right investors are in it doesn't matter how it started off as a goofy dark web joke. i had a pal who paid 20 of those things for a pizza once.

>>386744623
you don't know shit about economincs.
any currency in the world is worth something becasue reserves of gold and other assets.

>>386740548
>mining bit coins

can I get a quick rundown on this?

>>386744461
it's not how it works
they are veryfied upon transaction
that faggot was talking from his ass

>>386744228
>real money aspect
"real money" is about as "fake" as the bitcoin. Fiat currency just has purchasing power because your government told you so.

>they're worth ANYTHING
Anything is worth something as long as people are willing to possess it. Like dollars, gold, bitcoin or cigarettes at a prison.
On the topic of bitcoin, apparently they are worth something because of their secrecy, so you could theoretically buy anything from gums to guns. Also "muh freedom" people and ancaps jerk off to it because it's not tied to any government or Federal Reserve.

>how you can "mine" for them
I don't know but dudes explained in this thread pretty well.

>>386744795
lol im the only one in this thread explaining anything.
What is the dollar secured by? other than the government saying its worth something? the US government doesnt back it's money with gold anymore.
and youre a fool if you think every dollar is backed by some commodity, like food or water.

>>386744739
>they
Who the fuck are they? The fed?

>>386744795
>tfw I'm over 100 years old
Can't you get on with times, old sport?

>>386744831
yeah, nobody does it anymore. they're mining some other meme currency like ethereum.

>>386744775
No no, currency is here to stay, probably, maybe.

What I mean is when mining the currency isn't profitable enough to pay for a rack of 50 graphics cards, that's what happened in 2014.

>>386744831
Read the thread

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>>386744990
>>386745058
t. brainlets

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>tfw to dumb to get crytocurrency

>>386744228
I want you to transfer value, in whatever form you like, to someone across the globe from you right now. How long would it take? Who and what do you have to go through? What fee's do you have to pay? Answer me these questions.

>>386745419
It literally has value because it allows criminals to launder currency quickly and easily.

Voila, cryptocurrency.

>>386740548
>retards buying nothing with no value so other retards buy it too and that actually raises its value
It's so fucking stupid, holy shit. And the worst thing is that it works. There goes whatever little faith in humanity I still had left.

BC is used to buy drugs, illegal weapons, CP, supposedly hire gunmans and shit. scary stuff man

>>386744228
https://www.youtube.com/watch?v=bBC-nXj3Ng4

Yeah it's 30mins but if you're not a brainlet you can handle it

>>386740548
what about nvidia cards

>>386745758
that is LITERALLY all money when (((they))) dropped the gold standard

>>386745872
And pizzas. Don't forget the pizzas.

>>386745986
I think here (mexico) librarys and 7/11 accept BC

>>386745980
Except it isn't. Money's value is backed by the whole economy of a country. Retardocoins aren't.

>>386743605
your 2,500$ bitcoin is worthless to anyone who isn't willing to accept bitcoin as actual tender, which means pretty much everyone except whoever is selling stuff at Silk Road's umpteenth incarnation

I don't even care what you can or can't do with shitcoins, I just wish I had jumped on the hype train when the things were just pennies worth so I could sell them to retards now

>>386745123
yeah and then they just invented new currencies that can be mined with cards again which brought us to this year's shortages and price hikes for GPUs

all of money is the belief that money has value

gold doesn't corrode over geological time periods, and it glows, and it has a few engineering uses, that's it, it's not 'money' any more than my dick is money

faith is the currency of humanity and existence, without the belief that something is real, it isn't real, and this metaphysical shit can get scary fast if you aren't accustomed to it

>>386746108
you can sell bitcoins for dollars on a number of online legal trading sites.

>>386746294
I would add a complication to your theory of money.
Any given state-issued currency has value because the state imposes taxes that must be paid in that currency. As an American (okay, an American who owes taxes) you must have dollars to avoid being thrown in jail. State force reinforcing demand for currency supplements faith in its value to purchase other goods.

>>386746654
I dont think you're wrong but taxes didn't convince anyone that dollars are desirable, they just maintain the illusion that already existed

>>386746191
You honestly think Eth is going to keep being profitable forever?

>>386746921
Of course not. But a new one will be. That was kind of the point of my post.

>>386742858
>the point of the difficult problems is to verify transactions.

not exactly. it's to decide who should have the authority to authenticate a block of transactions. a subtle but important difference.

>>386740548

people don't mine bitcoins with gpus anymore. There is specialized hardware designed to solve the BTC algorithm much more efficiently than a gpu can do. However other coins use a whole bunch of algorithms which makes it harder for one piece of hardware to be really efficient at (can't design specialized circuits that solve 10+ algorithms as efficiently as you can design circuits to solve 1 algorithm). people use GPUs to mine these multi-algorithm coins, like ethereum.

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I think I understand most things about bitcoins, but WHO THE FUCK IS DISTRIBUTING THEM? I've gotten that solving equations serves as transaction verification, but who or what is on the other end of that transaction which causes more bitcoins to enter circulation?

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i just cant wrap my head around bitcoins

>>386747029
There will be a point in time in which you can no longer trade new cryptocurrency for goods and services.

>>386747229
transactions.

>>386747262
That's okay anon someone has to fill up the other side of the Bell curve

>>386747370
So by verifying a bitcoin transaction, you earn extra bitcoins?

>>386740897
>bitcoins are a fake currency

you're in for a wild ride when you find out that whatever currency your country uses has no intrinsic value other than the artificial value that your government has placed on it. It literally means nothing, stands for nothing, and has no physical meaning to back it up.

>>386747454
>implying I don't trade exclusively in industrial metals

>>386747262

people send numbers around to each other. There are a limited number of these tokens and their owners are stored in a giant P2P share database (blockchain) that is verified by encryption, rather than the authority of something like a bank.

the innovation is spreading the data P2P instead of trusting bankers

>>386747229
they're essentially generate from nothing. Its not like there's a person or place that has all the reserve coins, and gives them out or anything. You solve the equation, verify a transaction, and your bitcoin account goes up by 1.
You could think of it like how the government does effectively "print money" except with cryptos, its not a central reserve, its a decentralized computer program.
As long as there is a limited amount, inflation isnt a big issue.

>>386747454
jokes on you my country trades exclusively in gold

>>386747519
You mean pieces of paper that claim that you own some amount of metal? Actually it's probably not even a piece of paper anymore but some bits on a computer. Either way, the only stake you have on these metals is based on a consensual agreement that this piece of paper has any meaning.

>>386747664
So the equations are generated by this decentralized computer program?
>>386747719
Just making a joke, I was saying that I physically drag industrial metals to the supermarket

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>tfw you've been mining for months and made thousands of dollars

I do NOT recommend getting into it right now at all. It's way too risky and expensive and the upfront costs are astronomical due to the surge in video card prices.

>>386747803
It's pretty complicated, but the equations are generated using some data from the last equation AND who solved it. So unless you somehow could know who exactly will solve every one, you can't set up a program to "pre-solve" equations. Nobody knows what the next equation will be.

>>386747454
The value of a currency is tied to it's spending power.

How many blowjobs you can buy with a dollar tells the value of the dollar.
But also how many blowjobs are available, and how many blowjobs you need.

It's not mystics, what you can buy with dollar determines how much one dollar is worth, and at the same time how many dollars you have determines how much you can buy.

All these things together determine how much one dollar is worth.

>>386748723
>so the dollar had just as much real value as a bitcoin
>actually LESS because with one bitcoin I can get about 2500x as many blowjobs as a dollar

>>386740548
>that hair

JUST

>>386742858
Actually no, you can kine a block in which every single transaction is invalid - you wouldn't "get" btc, but you can do it . Or youvcan mine a blovk that you didn't put any transactions in, other than your reward.

good luck buying blowjobs with bitcoins

>>386748923
how many cartons of milk can you buy with bitcoin? And how easilly.

bitcoin is good for drugs, prostitutes and assassins, but on everyday goods, not so much.

>>386748207
You also need to know transactions that will be made in the future block

>>386749368
Some stores except Bitcoin. It's not a matter of the currency, just adoption. Iirc you can buy games on steam with Bitcoin.

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>>386747606
is it socialist money?

>>386742618
You're like the senile grandparent that calls every game console a nintendo.

>>386749368
as previously stated, there are plenty of legal, online trading sites that will readily exchange BTC to dollars.
Sure it's not as easy as having a dollar bill, but that doesnt make it worthless.
How easily can you buy a carton of milk with a pound of gold? Or one stock in google?

>>386747452
Yes

>rx580 comes out cheaper than the 480
>it's the best card out there performance/price wise
>suddenly disappears from every fucking where because of these moron miners

complete and utter faggotry

>>386749472
>>386749660
All true, that in itself determines the value of bitcoins.

>>386749660
Gold and stocks aren't currency, but you can convince someone to sell you a carton of milk with gold bars easier than a bunch of ones and zeroes. It's adoption that determines the final value of bitcoin, it's not universally accepted, it's like trying to use euro in britain, a lot of places will accept euroes, especially ones close to french border, but a town pub will probably not accept it.

>>386750057
ever use a debit/credit card? all that does is transfer a few ones and zeros and make an online number go up and down.
Sure you can go to a bank and have them transfer those ones and zeros to green paper, but has the intrinsic value changed?
How are those ones and zeros different in the form of bitcoin versus ones and zeros in the form of dollars?
With a few steps, you can change them into the paper (which is realistically just as useless)

>>386750057
When was the last time you bought anything with gold?
When was the last time you used a credit card (aka ones and zeros)

>>386740548
I fucking love micro center

>>386749490

no it's libertarian money

>>386744775
>who paid 20 of those things for a pizza once.

That's an expensive pizza

>>386740942
>Just wait till this bubble breaks and these idiots are on suicide watch.
It breaks all the time, which is why the values fluctuate so much.

>>386748723
You're not wrong, but you are talking about a different concept than I was. You're talking about the value of a currency, which could easily be applied to the value of anything.

I'm talking about why currency has any value in the first place. What makes one currency "fake" and one not fake? The dollar used to represent ownership of a piece of a physical good (usually gold), but now it literally means nothing. There isn't enough gold in the world to account for the number of dollars in the world anymore. Dollars are just as much of a fake currency as bitcoin. The only value they have is based on the value that people give them.

Bitcoin may not have value to you, because you can't spend it as easily as dollars, but that doesn't mean it doesn't have value to people. You can sell your bitcoins to people who want them for dollars and now you have dollars. If you bought a shit ton of bitcoins in 2013 you can now sell them for 3000x+ what you paid for them.

>>386751625
20 bitcoins was less than $20 5 years ago. It is now pushing $70,000. I bet that guy feels pretty stupid right now.

>>386749490

I wouldn't say that. The point of it is to remove the middleman, the banks, in doing transactions.

I'd say it's more capitalist as a result.

>>386744831
i dont get how fucking bitcoins work or what bitcoin mining is or why you need gpu's for that or whatever

just like explain this to a fucking retard without it being too long and complicated

>>386750329
>>386750423
Creditcard ones and zeroes are backed with archaic paper currency. It just goes back to what people are comfortable with.

I mean, it is the future, there is no question about it, but at the same time what people feel comfortable using everyday also affects the value of the currency.

Unless you can get grandma to use bitcoins or any other cryptocurrency, it will not be the standard.

We will probably go to a system where all money is electronic, but it will be government backed.

>>386751793
I agree with you, any currency that you can trade for goods and/or services that you need are real currency. At it's very core, it is just trading services for services, but that became impractical at certain point, so people started trading promises, and promises became currency.

At the very base if I buy a blowjob from you for 45 dollars, what is happening is, I'm trading one hour of my work as an engineer to one of your blowjobs.

Fucking POGs were currency back when I was a kid.

>>386749490
No because it's worth a lot. If it were socialist money, you would need billions to buy a loaf of bread, kinda like in Zimbabwe.

>>386740646

>>>/r/eddit?

>>386749490
No, because Chad can still hoard them all

>>386745004
>The fed?

Yes, the US government manages Bitcoin you moron. It couldn't possibly be Bitcoin managing itself and creating new Bitcoins from nowhere to "pay" miners

>>386744990
>and youre a fool if you think every dollar is backed by some commodity, like food or water.

Oh, it is. Tax paying slaves back every dollar

>>386743975
>Stop accurately portraying something I don't come here for that I come here to shitpost

Good to know. Can you use a name or trip?

>>386752638
You've got a pretty shit understanding of how bitcoin works. I'd suggest at least finishing the wikipedia page.

>>386744228
>How you can mine for them

You are searching for the solution of a math problem that takes a lot of effort.

>How they are worth anything

People accept them as currency. If everybody started accepting (you)'s as a legitimate currency then they would be worth money. If I could exchange my (you)'s for food at a super market and video games and the like it would be a currency. It's why hats in TF2 are a legitimate currency and hats in TF2 were an economy that years ago was worth 20 million dollars. It's simply because people accept that the hats have value in trades that gives them value.

>Where the real money aspect comes in

Do you know literally NOTHING about markets? If Bitcoins are perceived to have some total market value x, and there are y bitcoins, then each individual bitcoin is worth x/y. This isn't fucking rocket science.

>>386752991
Not him but I think he was being sarcastic

>>386746061
>Money's value is backed by the whole economy of a country.

And bitcoins values is backed by similar market forces because it can be exchanged in the same manner as a currency.

Are you perhaps mentally deficient?

>>386745980
>Muh gold standard

Gold as a standard is just as arbitrary a standard as bitcoins.

In fact bitcoins in principle work exactly the same way as gold.

>>386752865
Useless accuracy, dipshit.

Unless you want to correct something I said, that was wrong, do so, otherwise fuck off.

>>386747229
>Who is distributing them

The same people mining for them.

>>386753415
that first guy did correct you, dipshit, and you got butthurt

>>386747716
Where does gold derive it's value from?

Is it because it's rare? Because in that case, bitcoins are rare too.

>>386749368
I can't use my stocks to buy milk either but it doesn't somehow devalue them lmao.

>>386753241
I thought he was the other person in the chain as well.

I'm pretty sure bitcoin has no cap. There will always be more bitcoins produced. I might be wrong though.
I know for sure that Etherium does have a hard cap. There will be a limited number of etherium that can exist, since at some point they can throw a switch and the problems that need to be solved will be too complex for it to be worth it.

>>386753415
>Unless you want to correct something I said,


The entire post was correcting what you said.

>>386753360
Gold is a physical asset, bitcoins are literaly bits of information.

>>386753757
Bits are also a physical asset. If they didn't exist physically somewhere they could not have meaning in the universe and we wouldn't be talking about them.

So what you are actually saying is gold is more easily verifiable than bits because it's much easier to tell apart unique pieces of gold than it is bits. IE I can copy your bits but I can't just replicate your gold and have the exact same value.

That's true, but it also means you don't understand the math behind bitcoins. You are literally just putting your ignorance on display here. Statistically there is no difference in the certainty of verification of gold as there is to the 0's and 1's that make bits meaningful.

To put simply, in the most brainlet terms I can, the "0's and 1's" that make your bitcoins are just as existent and uniquely identifiable as a bar of gold, meaning there is no function difference between the two.

>>386753694
There is a hardcap for bitcoin. IIRC, its about 21 million coins, and the cap is expected to be hit around 2150ish

>>386747454
This isn't entirely true. The global commision in charge of trading oil only takes USD, which almost all other currency used in the world is tied to in turn.

So instead of an economy backed by gold, it's now backed by oil.

>>386753757
Once again, if you've ever used a credit card, you've seen the value of bits of information.
Hell, all stock trading is done digitally now, are those worthless? just because they're digital?

>>386754053
ok, show me a physical bitcoin and I'll belive you

>>386742134
It's JUST tier hair.

>>386754217
and once the oil runs out, itll be something else im sure, which only proves the point. The dollar wont suddenly become worthless when oil runs out. We perceive it to have value, so it does.

>>386754290
I don't have the microscope to show you but if you don't think a bitcoin "physically exist" then do you think you are typing to me through your computer using magic?

>>386754263
that information represents physical money and assets dumb fuck.

>>386754290
you have very little conceptual understanding if you think something needs to be holdable to have value.
MAYBE in an apocalypse situation, bitcoins would be worthless because people would only trade for commodities, food, water, guns. But dollars would also be worthless.
We left behind commodity currency long ago, when the dollar ditched the gold standard.

>>386754540
so, you're saying my waifu (kasumi) really exists?
holy shit. youre a genius anon!!!!

>>386754558
"physical money" jesus christ you are dull. Why is physical money somehow more valuable than digital currency?
You think if bill gates sold off everything, and had no assets, only dollars, and then deposited those 75 billion dollars into a bank where he could only access it digitally, he would suddenly be poor?
All the richest people on earth do ALL their finances digitally.
what you think they have some huge room where they keep 75 million $100 dollar notes?

>>386753695
My original point was that I oversimplified the process, for the sake of /v/, we don't need that level of detail. Nothing I said was wrong.

>>386754673
Yes, Kasumi in fact does exist in some capacity. Just not the kind you can put your dick in. I don't know why that's a complicated concept to understand.

The problem with your Kasumi, and why she is worthless, is because there is no way to uniquely identify YOUR Kasumi easily. It's technically possible, but not at all feasible.

Bitcoins on the other hand have a system that makes them very easily verifiable, meaning only the person who had the original bitcoin owns it to any meaningful capacity.

>>386754558
No it doesn't. Are you stupid? Go look at the stock market change value in real time. Do you think dwarfs are constantly building and destroying little buildings to allow it's value to change up and down rapidly?

>>386754940
let's say you have 100 in your back account and no "physical money", then you go to your bank and pull out all your money. what would happen?

>>386755171
they are exanging stocks, wich have monetary value.

>create a meme currency like niggercoin or hitlercoin
>somehow it's supposed to have some sort of monetary value
what do you need all this processing power when no one in the first world is using crypto for buying shit? where are these transactions?
We've been verifying transactions for years at a fraction of the processing power.
Yeah. gold doesnt have any intrinsic value either, but at least there's a long history behind it, at some point the emperor was stamping his fucking face on the coins while forcing their adoption, the state regulates how much value is circulating, it's dependant on economy. Now there's just some meme currency ramdomly popping up one day and some niggers mining it while hoping it gets adopted.

>>386754558
lmao credit represents an agreement that one person owes money to another person. Represents a debt, which is a concept and not a physical thing.

>>386755294
The physical money and the data in the bank are the same, they both represent value. The physical nature of the paper notes does you can get upon withdrawal does not make them more valuable or more real.

>>386755637
>represent value
that's what ive been saying this whole time

>>386755294
lets say I have 1 bitcoin and no dollars
I can easily trade my bitcoin for 2500 dollars into my bank account, and then tell the bank to give me 2500 dollars

Im not saying physical money is worthless, Im saying it has no more worth than digital money.

>>386755373
So do bitcoins dingus.

>>386755561
>We've been

By we you mean the jewish fed, banks, and credit card companies right? Cryptos take all of their grubbing hands out of the equation and distribute the verifications across the world. They are the future and freedom from the grip of globalist scum.

>>386755294
Let's say everybody in America went to the bank and tried to pull out their physical money.

What would happen?

The banks would stop giving them money because the Treasury did not make nearly enough physical money for this event to ever happen.

>>386755940
>i dont't know shit about history
see black thursday

>>386755836
you're the one pushing for a global currency just to make things easier

>>386755750
It's hard to follow all the anions debating the nature of money further up in the thread, but I was under the impression that you were arguing that physical money was somehow superior to "bits of information." (this post >>386753757)
I disagree with that. Both physical money and bits of info both represent value, and neither are inherently valuable, neither better represent value, and neither are more "real."
I could be wrong in who and what I'm responding to, though, and totally missing the exchange.

>>386740548
holy shit the FUCKING hair

Once upon a time, people traded in gold, then it became too much of a hassle (its heavy, its nearly impossible to trade in large sums), so they traded in the form of paper that said "this is redeemable for 1 pound of gold"
Then people realized the paper was way easier, and eventually said "fuck gold" and traded paper exclusively, but the paper was still imperfect (counterfeit, destruction, theft)
Then people realized, with the advent of computers, it even easier to have a digital bank account, which has a real time tally of how many pieces of paper you are worth, and you just take a piece of plastic, and it can automatically deduct the value of what ever you're purchasing, no need for physical money at all anymor
Now someone came up with an improved digital currency, impossible to counterfeit, cant be destroyed, cant steal, and people (realizing its value) traded in their dollars for some of the bitcoins, as they are confident it can be traded back in for dollars at any time.
THIS IS THE EXACT SAME AS THE PAPER FOR GOLD
eventually the same thing will happen. people will say "fuck the paper" and trade exclusively in the *safer* digital coins

>>386756157
all I was saying is that money, bills or whatever only represent the wealth of a country and the information the banks have and bitcoins are the representation of that same "money"

>>386756040
Considering that is literally the event I'm referencing and the banks ran out of money...what the fuck are you even on about? Are you just stupid? Unless you are somehow implying banks have trillions of dollars of paper money sitting around to pay people out with, stop posting. If you are implying that, stop breathing.

>>386756503
Got it, I see. And I agree. I was misunderstanding your argument and pushing forward on issues irrelevant to what you were saying. My apologies anon!

>>386755294
you would get bits of paper representing the same thing that the bits in the bank database did

>>386756156
It's not easier. It's actually more complex. The thing is that a distributed currency means that one entity can't just control the world's money, which is the current state of things and the inevitable conclusion of globalism on its current path. Why do you think greeks suddenly became interested in bitcoin after their country got sold to the world bank?
Globally distributed currency != globalism, even though they both have a common root word.

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>>386756675
k then.

>>386756040
lol you sound retarded, youre making fun of someone for not knowing history, and you call black TUESDAY, black thursday

>>386756398
>Then people realized the paper was way easier, and eventually said "fuck gold" and traded paper exclusively

people didn't "realize" this , it was forced on them, relatively recently.

https://en.wikipedia.org/wiki/Nixon_shock

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If it works for cryptocurrencies, why can't we just pay people to dig ditches and then fill them back in again?

>>386747454
t. highschool economics pro

>>386757228
>Forced on me

No. I have the option to carry around money and I never do. I have no desire to have any money. If a store doesn't have those phone payment things at a minimum I won't get cash to shop there, I'll go somewhere else.

Money is shit. America is gay so they don't make things evenly priced. This means every transaction leads to giving you shitty amounts of change. The change then clutters my pockets and annoys me.

Why not just never pay with cash and never have this problem instead?

Unrelated but after changing my cpu my gpu isn't displayed in device, what do?

>>386756757
but money exist anon do bitcoins exist in the same manner as money? I think that's more a philosophical question becasue at the end of the day bitcoins are just pulses of electricity is like do thoughts exist?

>>386757228
Even when money was backed by gold, people traded almost exclusively in the paper.
paper money has been a staple of advanced economics since the 1700's
hell paper money was first used in ancient china.

also if anything, you proved my point. we got rid of the gold standard, and our money still has value right?

>>386757228
>because before we dropped the gold standard, people carried around, and paid for things, in gold bars/coins!

>>386757309
because you can't prove beyond a reasonable doubt that you DIDN'T dig that ditch
currency nowadays is so fucking ethereal that it's not even funny
shit does not translate to anything at all basically and is just a system we unknowingly just all agree on as being something that's valuable

>>386757509
The physicality of money is only meaningful in so far that you can verify the individual piece of moneys uniqueness and integrity.

Being physical does not make it immune to these problems. Just as people can attempt to say they are the original owner of a bitcoin they are not, people can attempt to counterfeit physical money, thus getting around the meaningful physical aspect of the money.

The question is how less secure is bitcoin than the protections absolute local physicality offer, and the answer is it's MORE secure.

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>>386757095
t. dyslexic

>>386747454
Why would you say something like this? It makes you look like an underage retard

the best pc games of all time doesn't even require a gpu more powerful than an integrated gpu

Just wanna say, I've been lurking in this thread, and learned a lot so far.
Thanks! I feel like I understand all of this a lot better

>>386740548
>what is supply and demand

>>386757852
Anon, counterfeiting is not so big a problem that a new currency had to be invented to solve it. Bitcoin's security is a tertiary consideration at best.
And really bitcoin has to seriously address counterfeiting because it is otherwise uniquely vulnerable. There is no central government enforcing their own brand of "real" money in the bit coin world, so instead of having the deterrent for counterfeiting being "the FBI may track you down and throw you in jail for years," bit coin must create some convoluted, self-contained anti-counterfeiting scheme.
This gets really close to "the bug is a feature."

>muh bitcoin will be relevant
whoever thinks investing time and resources in mining bitcoins while being a lazy fat fuck using your GPU to mine, instead of time and resources in generating your own country's currency is fucking retarded and is just fooling themselves

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>>386740548
>how the fuck are graphic cards that where meant for video games
>meant for video games
underaged retard alert

>>386758745
Everything you said is asinine.

>It's uniquely vulnerable

That's idiotic. Do you know how many measurements governments go through to prevent counterfitting? Bitcoin has a much simpler solution than these, so it's not "uniquely vulnerable."

>Enforcing their brand of real money fbi blablablba

All you are trying to imply is that the FBI and central governments are better at regulating currency than cold hard mathematical impossibilities.

>Convoluted

Reliance on mathematical certainties is convoluted but relying on a group of people who can even have a vested interest to betray the cause they are meant to deter is less convoluted...?

>bug as a feature

Have you not read the fucking paper?

How the hell is the central point of the system somehow considered a bug to you/ Are you an idiot?

>>386758819
Yeah senpai all those millionaires are just fooling themselves their millions are just not even that great because they came from GPU's instead of working at Mc Donalds.

>>386758901
>Graphics cards
>Not meant for video games.

Are you stupid? Professional graphics cards are in a completely different market anyway. You cannot properly use a 580 for fucking solid works you mong.

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>>386758901
>there's a chance that this post is unironic

>>386744905
>On the topic of bitcoin, apparently they are worth something because of their secrecy
I actually use BTC because the transactions can't be charged back and are public (but the owner of each address is private unless they choose to reveal their identity). Having past transactions made to my BTC address public is very useful when trying to sell MMO currency (I'm a chinese goldfarmer) because that is proof I've made that many transactions and can be trusted.

>>386750004
I wanted one for my build this august as its my b day. No way that's happening now. Probably end up getting an rx Vega in September if the miners don't rape the market... again...

everyone here who supports bitcoin has like a fucking retarded pipedream that they'll make a living mining bitcoin.

>>386759208
graphics cards are meant for mining, not gaming.

>>386747454
If my currency means nothing and has nothing to back it up, then why does the entire world suck the US's dick for it?

>>386760657
Because they are good goys

>>386740897
If you really want to know.
https://www.youtube.com/watch?v=bBC-nXj3Ng4&